by Robert Fink on Jan 31, 2017
Ah, Valentine’s Day is near, and love is in the air. Well, love and a few other things, such as chocolates, romantic dinners, candy hearts that say “Be Mine” - and, of course, jewelry.
It’s exciting to receive jewelry from a loved one — or to give it as a gift. Not to mention romantic. But if you’re lucky enough to have some new jewelry in your home this Valentine’s Day, you should take a few minutes to think about something you probably don’t find exciting or romantic: INSURANCE.
Don’t know where to turn? Don’t worry. At R. D. Fink Agency, we think it is exciting to help our customers protect what’s most important to them — so we’re ready to help and can answer all of your questions.
Things to consider when insuring jewelry:
You may need to purchase additional coverage. Your homeowners policy covers valuable items such as jewelry, but only up to set limits. If the cost of replacing your jewelry exceeds that limit, you will want to either schedule the jewelry on your homeowners policy, or purchase a separate Personal Articles policy.
Do you need an appraisal? You may need to have an independent appraisal if the insurance company requires it or if you don’t know the value of your jewelry. Each item should be listed with its description and value on paper.
What kind of coverage is offered? You’ll want to determine if items are covered no matter where they are located at the time. Should the jewelry be insured for “Stated Value” or “Replacement Value”? Will there be a deductible, and will I be covered if I merely lose the item (known as “mysterious disappearance” in the insurance world).
Pictures can be helpful. Lost or stolen pieces of jewelry sometimes can be recreated if the jeweler has a good photograph to work from.
Is the value of your jewelry primarily sentimental, or monetary? Is the item irreplaceable? The answers to these questions will help determine if insurance is an appropriate consideration for your jewelry. Please give us a call at 215-230-9810 before making that decision. That’s what we’re here for.
Of course, it’s important to store your jewelry securely when it’s not in use; a safe in your home or a safe-deposit box is best. We want your jewelry to be replaced if it’s lost or stolen, but we’d rather your sentimental and valuable pieces stay with you and your family for years to come.
Here’s hoping your Valentine’s Day is full of fun and romance. And if there’s no jewelry involved, well, there’s always next year!